DNOW Inc. (NYSE:DNOW) Short Interest Up 8.8% in November

DNOW Inc. (NYSE:DNOW) saw a large increase in short interest in November. As of November 15th, there was short interest totalling 3,340,000 shares, an increase of 8.8% from the October 31st total of 3,070,000 shares. Currently, 3.2% of the shares of the stock are short sold. Based on an average daily volume of 758,900 shares, the short-interest ratio is presently 4.4 days.

Insider Activity

In other news, Director Paul M. Coppinger sold 26,186 shares of the firm’s stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $15.35, for a total value of $401,955.10. Following the sale, the director now directly owns 56,568 shares in the company, valued at approximately $868,318.80. This trade represents a 31.64 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 2.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in DNOW. Pacer Advisors Inc. raised its holdings in DNOW by 71.5% during the 2nd quarter. Pacer Advisors Inc. now owns 7,047,909 shares of the oil and gas company’s stock worth $96,768,000 after purchasing an additional 2,939,502 shares during the last quarter. American Century Companies Inc. raised its holdings in DNOW by 141.2% during the 2nd quarter. American Century Companies Inc. now owns 1,568,267 shares of the oil and gas company’s stock worth $21,532,000 after purchasing an additional 918,131 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in DNOW by 6.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 6,446,637 shares of the oil and gas company’s stock worth $88,511,000 after purchasing an additional 390,671 shares during the last quarter. Foundry Partners LLC increased its stake in shares of DNOW by 832.0% in the 3rd quarter. Foundry Partners LLC now owns 365,795 shares of the oil and gas company’s stock valued at $4,730,000 after acquiring an additional 326,547 shares in the last quarter. Finally, Weiss Asset Management LP bought a new stake in shares of DNOW in the 3rd quarter valued at $2,025,000. Institutional investors own 97.63% of the company’s stock.

DNOW Trading Down 1.2 %

NYSE:DNOW traded down $0.19 during mid-day trading on Wednesday, hitting $15.04. 153,317 shares of the company’s stock were exchanged, compared to its average volume of 915,164. The company has a 50 day simple moving average of $13.29 and a 200-day simple moving average of $13.37. DNOW has a fifty-two week low of $9.44 and a fifty-two week high of $15.65. The firm has a market capitalization of $1.59 billion, a P/E ratio of 8.14 and a beta of 1.50.

DNOW (NYSE:DNOW) last posted its earnings results on Thursday, November 7th. The oil and gas company reported $0.21 EPS for the quarter, topping the consensus estimate of $0.19 by $0.02. DNOW had a net margin of 8.70% and a return on equity of 8.90%. The business had revenue of $606.00 million for the quarter, compared to the consensus estimate of $614.92 million. During the same period last year, the company earned $0.25 EPS. The firm’s revenue was up 3.1% compared to the same quarter last year. As a group, analysts expect that DNOW will post 0.84 earnings per share for the current year.

Analysts Set New Price Targets

Separately, StockNews.com upgraded shares of DNOW from a “hold” rating to a “buy” rating in a research report on Thursday, August 15th.

DNOW Company Profile

DNOW Inc distributes downstream energy and industrial products for petroleum refining, chemical processing, LNG terminals, power generation utilities, and customer on-site locations in the United States, Canada, and internationally. The company provides consumable maintenance, repair, and operating supplies; pipes, manual and automated valves, fittings, flanges, gaskets, fasteners, electrical instrumentations, artificial lift, pumping solutions, valve actuation and modular process, and measurement and control equipment; and mill supplies, tools, safety supplies, and personal protective equipment, as well as artificial lift systems, coatings, and miscellaneous expendable items.